MIRA
INFORM REPORT
|
Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MINESH PRINTS LIMITED ( W.E.F.
10.04.2000 ) |
|
|
|
|
Formerly Known As : |
MINESH PRINTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
6, 2nd Fanaswadi, 1st Floor, Mumbai – 400 002,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
20.02.1992 |
|
|
|
|
Com. Reg. No.: |
11-65520 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17120MH1992PLC065520 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21500D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM3196J |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Women Fashion Accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USd 80000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Financial position is satisfactory. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Minesh Sadh |
|
Designation : |
Director |
|
Contact No.: |
91-9820268195 |
|
Date : |
06.10.2008 |
LOCATIONS
|
Registered Office : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-22061399 / 22089118 |
|
Mobile No.: |
91-9820268195 (Mr. Minesh Sadh) |
|
Fax No.: |
91-22-22035914 / 56355921 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Plot No. 727, G I D C, 40 Shed Area, Vapi-396 195, Gujarat, India |
|
Tel. No.: |
91-260-2432929 |
DIRECTORS
|
Name : |
Mr. Anil Arvind Sadh |
|
Designation : |
Director |
|
Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1956 |
|
Qualification : |
B. Com, LLB |
|
Date of Appointment : |
20.02.1992 |
|
|
|
|
|
|
|
Name : |
Mr. Sunil Arvind Sadh |
|
Designation : |
Director |
|
Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1962 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
20.02.1992 |
|
|
|
|
Name : |
Mr. Minesh Anil Sadh |
|
Designation : |
Director |
|
Address : |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1980 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
22.04.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Arvind Kishorilal Sadh |
|
27010 |
|
Mr. Anil Arvind Sadh |
|
99010 |
|
Mr. Sunil Arvind Sadh |
|
124010 |
|
Mr. Arvind Anil Karta of HUF |
|
25100 |
|
Mr. Minesh Amil Sadh |
|
25100 |
|
Mr. Roopkumari Arvind Sadh |
|
40100 |
|
Mr. Sadh Arving Sunil Karta of HUF |
|
25100 |
|
Mr. Sadh Kishorilal Arvind Karta of HUF |
|
35100 |
|
Mr. Neena Anil Sadh |
|
30100 |
|
Mr. Neelu Suinil Sadh |
|
30100 |
|
|
Total
|
460730 |
Equity Share Breakup (Percentage of Total Equity):-
|
Category (As on 29.09.2007) |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Women Fashion Accessories. |
|
|
|
|
Exports : |
|
|
Products : |
Fashion Accessories |
|
Countries : |
Europe, USA, and Other Countries. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
102 (2 in office and 100
in Factory) |
|
|
|
|
Bankers : |
Bank of Baroda, Thakurdwar Branch, Nana Shankarsett Smruti, 380, Jagannath
Shankersett Road, Thakurdwar, Mumbai – 400 02, Maharashtra, India |
|
|
|
|
Banking
Relations : |
------ |
|
|
|
|
Auditors : |
|
|
Name : |
Chandan Parmar and Company Chartered Accountants |
|
Address : |
Office No.1, 3rd Floor, Chaman Chambers, Cinema Lane, Near
Metro Cinema, Mumbai – 400 020, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
29.09.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460730 |
Equity Shares |
Rs. 10/- each |
Rs. 4.607
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.607 |
4.607 |
4.607 |
|
|
2] Share Application Money |
5.826 |
5.301 |
0.001 |
|
|
3] Reserves & Surplus |
5.540 |
5.280 |
4.362 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15.973 |
15.188 |
8.970 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.472 |
9.907 |
3.241 |
|
|
2] Unsecured Loans |
5.802 |
5.557 |
3.810 |
|
|
TOTAL BORROWING |
20.274 |
15.464 |
7.051 |
|
|
DEFERRED TAX LIABILITIES |
0.956 |
1.033 |
1.093 |
|
|
|
|
|
|
|
|
TOTAL |
37.203 |
31.685 |
17.114 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
26.960 |
23.656 |
10.373 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.979
|
4.684 |
2.089 |
|
|
Sundry Debtors |
19.860
|
10.645 |
7.139 |
|
|
Cash & Bank Balances |
1.343
|
0.742 |
1.771 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.030
|
1.372 |
1.404 |
|
Total
Current Assets |
29.212
|
17.443 |
12.403 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
18.920
|
9.347 |
5.665 |
|
|
Provisions |
0.052
|
0.070 |
0.000 |
|
Total
Current Liabilities |
18.972
|
9.417 |
5.665 |
|
|
Net Current Assets |
10.240
|
8.026 |
6.738 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
37.203 |
31.685 |
17.114 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
86.839 |
66.275 |
65.496 |
|
|
Other Income |
0.241 |
0.064 |
0.047 |
|
|
Total Income |
87.080 |
66.339 |
65.543 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.524 |
1.451 |
0.943 |
|
|
Provision for Taxation |
0.263 |
0.536 |
0.409 |
|
|
Profit/(Loss) After Tax |
0.261 |
0.915 |
0.534 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
47.996 |
33.045 |
31.820 |
|
|
Consumption of stores and spares parts |
0.113 |
0.146 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
2.436 |
2.549 |
3.306 |
|
|
Managerial Remuneration |
1.200 |
1.200 |
1.200 |
|
|
Payment to Auditors |
0.193 |
0.307 |
0.017 |
|
|
Interest |
1.525 |
0.917 |
0.823 |
|
|
Insurance Expenses |
0.244 |
0.190 |
0.075 |
|
|
Power & Fuel |
15.083 |
10.607 |
9.916 |
|
|
Depreciation & Amortization |
3.659 |
2.169 |
1.859 |
|
|
Other Expenditure |
14.107 |
13.758 |
15.584 |
|
Total Expenditure |
86.556 |
64.888 |
64.600 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.30
|
1.38 |
0.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.60
|
2.19 |
1.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.93
|
3.53 |
4.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
1.64 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.85 |
2.20 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
|
IEC Code : 0304070785 |
|
|
|
PAN / TAN :
aaacm3197k |
|
|
|
Bank Name : Bank of Baroda |
|
Bank Address :Thakurdwar |
|
|
|
In case of any affiliations : |
|
Name : The synthetic
and Rayon Textiles Export Promotion Council |
|
Type :Trade Affiliations |
FORM 8:-
|
Corporate
identity number of the company |
U17120MH1992PLC065520 |
|
Name of the
company |
MINESH PRINTS
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
6, 2nd Fanaswadi, 1st Floor, Chira Bazar, Mumbai
– 400 002, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Equitable mortgage or mortgage of property by depositing the title deeds. |
|
Particular of
charge holder |
Bank of Baroda,
Thakurdwar Branch, Nana Shankersett Smruti, 380, Jagannath Shankersett Road,
Thakurdwar, Mumbai – 400 002, Maharashtra, India E-Mail: shirishetye@vsni.com |
|
Nature of
instrument creating charge |
Memorandum of
deposit of title deeds. |
|
Date of
instrument Creating the charge |
26.05.2006 |
|
Amount secured by
the charge |
Rs. 7.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
The charge is
created to secure the due repayment discharge and redemption in respect of
the term Loan Rs.7.000 millions together with interests, compound interest, interest
tax, additional / further interest in case of default penal interest,
commission, liquidated damage, premium on pre – payment or on redemption
costs, charges, expenses and other moneys payable by the company to the bank.
|
|
Particulars of
the property charged |
All that piece
and parcel of land known as shed No. A/726 (on plot No.726 ), in vapi notified industrial area, adm.
2702 Sq.Mtrs at village : chanod, taluka: Paradi District, Gujarat, Survey
No. 259/P |
|
Name of the company |
MINESH PRINTS
LIMITED |
|
Presented By |
Bank of Baroda, Thakurdwar Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Letter of
hypothecation of vehicles dated 24.01.2004. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.600 million
|
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
New Car (Honda City)
1.5 GXI Model purchased from Dhruv Cars Private Limited including all fitting
parts whatsoever pertaining to replacement or addition made therein or
thereto from time to time. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 0.50% over BPLR Repayment : By 36 equal
monthly installment of Rs. 0.019 million each, the first of such installments
being payable on the 24th February, 2004. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda,
Thakurdwar Branch, Mumbai – 400 002, Maharashtra, India |
WEBSITE DETAILS:-
Company Profile
Subject is a limited
company having its Sales and Registered Office at Bombay (Mumbai) and Factory at
Vapi (Gujarat, India). The Company is established in 1980 and since then is
manufacturing Scarves, Stoles, Pareos, Fabrics and other Fashion Accessories.
The products of the Company are exported to Major Chain Stores, Buying Houses
and Clients in Europe, U.S.A. and other countries.
The Company is associated with Trade Promotion Councils and Associations like
VIA, AEPC, SRTEPC and Indo German Chamber of Commerce.
Products
The company specializes in production of exclusively Printed, Dyed and
Embroidered Scarves, Stoles, Pareos, Bandanas, shawls and other fashion
accessories for women. Their product list includes :
Women's Fashion Accessories:
· Scarves
· Ponchos
· Shawls
· Bandanas
· Pareos and
· SarongsStoles
Other Items :
Triangles, Wraps,
Head Wraps in numerous varieties of fabrics.
Fabrics:
Polyester, Chiffon,
Georgette, Satin, Marble, Pure Silk, Cotton, Viscose, Nylon, Rayon, Poly
Cotton, Poly Spun, Acrylic, Satin Stripped, Checks, Net, Tabby Silk, Crepe
Silk, Crinkle Chiffon, Velvet, Woven Pattern, Twill and Blended Fabrics.
Styles:
They are exclusive printers
of all kinds of fabrics and designs like floral, paisley, animal prints,
geometrical, abstract, stripes, polka dots, checks and other patterns at their
factory.
And also Plain Dyed, Shaded, Ombre, Tie and Dye, Embroidered, Fringes, Sequins,
Aari work, Beaded, Tassels, Mirror Works, Silver, Gold, Rainbow, Crushed,
Crinkled, Burnout, Appliqués, Hand Printing, Patch work etc.
They can make all the sizes, designs, colors, fabrics, patterns,
embroidery and other work as per specifications. they are experts in oem and
promotional items.
Infrastructure
The Company has its own Dyeing and Printing - Process House with modern
machinery like Automatic Flat Bed printing machines, Jet Dyeing, Shaded and
Padding, Rotary printing, Jiggers, Winches, Sampling machines, Stenter,
finishing machines and Hot-bed Printing tables.
The Company prints, dyes and finishes high quality fabrics made of Polyester ,
Pure Silks, Cottons, Viscose, Cationic, Nylons and also other blended fabrics.
Sampling and Development
The Company has in house designing and sampling department where they
can make samples, art works, styles, computerized designs, colors, sizes,
embroideries, embellishments and other specifications as per buyer's
requirements.
They can develop all type of printed
designs, colors and sizes with added works.
The qualities of
products are of International standards and norms. They concentrate and
dedicate their entire efforts to manufacture high quality goods. The quality of
fabrics, weaving, dyeing, printing, stitching, and embroidery at every stage is
monitored by trained and technical staff to manufacture perfect quality
products for their clients. The company has laboratory for testing dyes and
fabrics for wet and dry rubbing Color fastness, Color matching light boxes,
Fabric checking and other equipments.
Environment and Welfare Friendly Factory
A) The Company is
pioneer in India in using only Non-Azo and PCP- Free Dyes and chemicals which
are also eco-friendly as well an important requirement for their buyers.
B) The company has a complete Effluent Treatment Plant and also a member of
Common Effluent Treatment Plant facility available in their Industrial Area
formed by the members of the Industrial Estate and Government agencies where
all the disposed water and other effluents used in processing are treated as
per Pollution Control Board norms.
C) The company follows Labour Welfare Laws and facilities like Employees State
Insurance and Provident Fund as per government rules. The company is following
Ethical Trade Practices as a pre-requisite by many Major Stores, Buying Houses
and clients.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|